It also complicates the money thing: we would really need to get a substantial non-refundable deposit money up front to ensure that the buyer doesn't flake out and we're left with an orange-and-fuscia house to try to sell.

How often are you performing inspections of your units to ensure nothing is damaged, no leaks, etc..

Whatever you might lose in time and money via court, it is part of the deal and to me, its important to communicate before and after any notice to ensure the tenant is fully aware of where I stand and so I can discover any simple issues that I may have been unaware of. 

The major players usually will and then split the total commission with the tenant's broker.

Make sure the siding is at least 8 inches above grade, ensure that there is no untreated wood in contact with soil or foundation, check any exposed studs for damage, check any exterior trim/sills that come close to the ground, etc.Also, certain areas of the country are more termite prone than others.

A partnership agreement being two or more individuals just lays out a framework for how they will work together, what they will do, how much they will contribute, how they'll split profits, how they'll settle disputes, etc.It can be as simple as a one-page contract or as complicated as you want to make it to ensure everyone's interests are represented adequately.

This has the effect of ensuring that any legal actions against your local LLC's are governed by the holding LLC states's laws, which may be far better as pertains to charging order protection, for example.

So here are my lessons learned: 1) Ensure to compare your rents for the vacation rental at the occupancy rates suggested by @Evan R. or less.

We have one 6-unit place that is not split out and would be cost prohibitive right now, and we really have to work our numbers carefully to ensure that we don't lose our shirts on the heating.

You need to get the deposit money back from the seller and this ensures that the info the seller is giving you is correct.Once the property is yours, let the tenants know that you will be coming by to inspect the properties, talk to them and ask if there are any repairs that might be needed (don't promise them, but ask) and sign a new lease.